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EARNINGS PER COMMON SHARE | 3 Months Ended
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Mar. 31, 2015
Earnings Per Share [Abstract] |
Earnings Per Common Share | EARNINGS PER COMMON SHARE The following table provides details of the calculations of basic and diluted earnings per common share:
| Three Months Ended March 31,
| 2015 |  | 2014
Income from continuing operations |  | $18,180 |  |  |  | $10,335 |
Less: Net income (loss) from continuing operations attributable to noncontrolling interest | 433 |  |  | (83 | )
Income from continuing operations attributable to Rayonier Inc. |  | $17,747 |  |  |  | $10,418 |
Income from discontinued operations, net, attributable to Rayonier Inc. | — |  |  | 31,008 |
Net income attributable to Rayonier Inc. |  | $17,747 |  |  |  | $41,426 |
Shares used for determining basic earnings per common share | 126,614,334 |  |  | 126,344,987 |
Dilutive effect of: |  |  |
Stock options | 168,680 |  |  | 286,535 |
Performance and restricted shares | 51,494 |  |  | 83,850 |
Assumed conversion of Senior Exchangeable Notes (a) | 892,885 |  |  | 1,063,538 |
Assumed conversion of warrants (a) | — |  |  | 645,583 |
Shares used for determining diluted earnings per common share | 127,727,393 |  |  | 128,424,493 |
Basic earnings per common share attributable to Rayonier Inc.: |  |  |
Continuing operations |  | $0.14 |  |  |  | $0.08 |
Discontinued operations | — |  |  | 0.25 |
Net income |  | $0.14 |  |  |  | $0.33 |
Diluted earnings per common share attributable to Rayonier Inc.: |  |  |
Continuing operations |  | $0.14 |  |  |  | $0.08 |
Discontinued operations | — |  |  | 0.24 |
Net income |  | $0.14 |  |  |  | $0.32 |
| Three Months Ended March 31,
| 2015 |  | 2014
Anti-dilutive shares excluded from the computations of diluted earnings per share: |  |  |
Stock options, performance and restricted shares | 757,960 |  |  | 731,046 |
Assumed conversion of exchangeable note hedges (a) | 892,885 |  |  | 1,063,538 |
Total | 1,650,845 |  |  | 1,794,584 |
(a) Rayonier will not issue additional shares upon future exchange or maturity of the Senior Exchangeable Notes due 2015 (the “2015 Notes”) due to offsetting hedges. ASC 260, Earnings Per Share requires the assumed conversion of the 2015 Notes to be included in dilutive shares if the average stock price for the period exceeds the strike price, while the assumed conversion of the hedges is excluded since they are anti-dilutive. The full dilutive effect of the 2015 Notes was included for all periods presented. Rayonier will distribute additional shares upon maturity of the warrants sold in conjunction with the 2015 Notes if the stock price exceeds $28.12 per share. The exchange price on the warrants is lower than periods prior to second quarter 2014 as it has been adjusted to reflect the spin-off of the Performance Fibers business. The warrants were not dilutive for the three months ended March 31, 2015 as the average stock price for the period did not exceed the strike price. For further information, see Note 13 — Debt in the 2014 Form 10-K and Note 15 — Debt of this Form 10-Q.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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